In a noteworthy development in the cryptocurrency market, financial journalist Michelle Makori commented on Morgan Stanley, one of the largest investment banks in the US, applying for its own spot Bitcoin ETF product.
According to Makori, this product, expected to be codenamed “MSBT,” marks a significant shift in the company’s strategy for cryptocurrency investment products.
Morgan Stanley, which has so far provided its clients with access through spot Bitcoin ETFs from other issuers like BlackRock, is now reportedly looking to launch its own product. This move is seen as an attempt not only to offer the investment product but also to directly control client flow and fee revenue.
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According to Makori, the ETF is planned to be listed on the NYSE Arca, with major companies such as Jane Street and Virtu Financial expected to play a market-making role.
If the application is approved, Morgan Stanley could become the first major US bank to issue a spot Bitcoin ETF under its own brand.
*This is not investment advice.
Continue Reading: Critical Morgan Stanley and Bitcoin Developments Went Unnoticed Amid a Busy News Cycle: What Does This Mean?
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Author: NixCoin
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